INTNL BUS MACH: IBM Completes the Separation of Kyndryl
04 Noviembre 2021 - 04:13AM
UK Regulatory
TIDMIBM
IBM (NYSE: IBM) announced today that it has completed the
separation of its managed infrastructure services business to
Kyndryl. Starting on November 4, 2021, Kyndryl will begin "regular
way" trading on the New York Stock Exchange under the symbol
"KD."
Each holder of IBM common stock will receive one share of
Kyndryl common stock for every five shares of IBM common stock held
on October 25, 2021, the record date for the distribution. For
United States federal income tax purposes, the distribution has
been conducted in a tax-efficient manner for IBM stockholders in
the United States.
"The separation of Kyndryl is one of many actions we are taking
to sharpen our focus on hybrid cloud and AI, leverage a portfolio
clearly focused on technology and consulting, and achieve our
growth objectives, " said Arvind Krishna, IBM chairman and chief
executive officer. "We look forward to our partnership with Kyndryl
as it moves forward as an independent company."
As previously stated, IBM is retaining 19.9 percent of the
shares of Kyndryl common stock, with the intention of exchanging
those shares for IBM debt during the 12-month period following the
distribution, subject to market considerations.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained
herein, statements contained in this release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are based on the company's current assumptions regarding
future business and financial performance. These statements involve
a number of risks, uncertainties and other factors that could cause
actual results to differ materially, including, but not limited to,
the following: a downturn in economic environment and client
spending budgets; a failure of the company's innovation
initiatives; damage to the company's reputation; risks from
investing in growth opportunities; failure of the company's
intellectual property portfolio to prevent competitive offerings
and the failure of the company to obtain necessary licenses; the
possibility that the proposed separation of the managed
infrastructure services unit of the company's Global Technology
Services segment will not be completed within the anticipated time
period or at all, the possibility of disruption or unanticipated
costs in connection with the proposed separation or the possibility
that the separation will not achieve its intended benefits; the
company's ability to successfully manage acquisitions, alliances
and dispositions, including integration challenges, failure to
achieve objectives, the assumption of liabilities, and higher debt
levels; fluctuations in financial results; impact of local legal,
economic, political, health and other conditions; the company's
failure to meet growth and productivity objectives; ineffective
internal controls; the company's use of accounting estimates;
impairment of the company's goodwill or amortizable intangible
assets; the company's ability to attract and retain key employees
and its reliance on critical skills; impacts of relationships with
critical suppliers; product quality issues; impacts of business
with government clients; reliance on third party distribution
channels and ecosystems; cybersecurity and data privacy
considerations; adverse effects from environmental matters, tax
matters; legal proceedings and investigatory risks; the company's
pension plans; currency fluctuations and customer financing risks;
impact of changes in market liquidity conditions and customer
credit risk on receivables; risk factors related to IBM securities;
and other risks, uncertainties and factors discussed in the
company's Form 10-Qs, Form 10-K and in the company's other filings
with the United States Securities and Exchange Commission or in
materials incorporated therein by reference. Any forward-looking
statement in this release speaks only as of the date on which it is
made. Except as required by law, the company assumes no obligation
to update or revise any forward-looking statements.
IBM
Tim Davidson, 914-844-7847
tfdavids@us.ibm.com
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CONTACT:
IBM
SOURCE: Intnl Bus. Mach
Copyright Business Wire 2021
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